According to the audited 2002 financial results, the joint stock company Benzina generated a net profit of CZK 1.2m (CZK 41m in 2001) and achieved revenues of CZK 13.4bn, which is approximately CZK 1bn less than in 2001. The decrease in revenues was influenced above all by a lower average unit price in fuels in the given period. The year-on-year volume of fuels sold was maintained despite the partial restructuring of the petrol station network.

The company’s financial results were negatively impacted by extraordinary expenditures for the removal of old environmental burdens and partially by limited operations resulting from the August floods.

KAUČUK, a.s.

According to the audited 2002, financial results the company earned net profits of CZK 343m (profit equalled CZK 62m in 2001) and revenues equalled CZK 7.2bn for this period. The financial results were significantly impacted by revaluation of assets and liabilities in foreign currencies, which yielded a profit of CZK 223m. The company’s debt level in relation to its own capital decreased to 46 per cent in 2002 despite the fact that capital improvement plans during the year were financed through new loans in the amount of CZK 570m.

CHEMOPETROL, a.s.

The company’s audited financial results for 2002 equal CZK 16m after taxes (CZK 427m less than in 2001), with revenues amounting to CZK 16.4bn. The financial results were negatively impacted by the exceptionally unfavourable price situation on domestic and European petrochemical product markets and by the floods, which affected the company’s main customers; technical problems also impacted the results (ethylene unit breakdown, launch of new production units).

SPOLANA a.s.

According to the audited financial results, the company’s loss in 2002 equalled CZK 491m, which is an improvement of more than CZK 200m over 2001. The financial results were impacted by the loss of ethylene deliveries from Chemopetrol in April and the resultant interruption in production of PVC and LAO, the breakdown of the cracovienne oven on the PVC unit in June, the unfavourable trend in sales of LAO products and above all by the August flood. Expenditures in the financial results were impacted by damages to property and supplies while the income section was influenced by the sale of long-term property and also by insurance settlement for property damages and lost profit.

PARAMO, a.s.

According to the audited financial results the company achieved net profits of CZK 137.6m with total revenues of CZK 4.7bn (profits in 2001 equalled CZK 268.9m and revenues equalled CZK 5.6bn). The primary reasons for the decline in profits were the unfavourable development of the refining margin, the decline in exports and the concurrent growth in imports in competitive products as a result of the strong Czech crown. The company’s debt decreased from 56 per cent in 2001 to 47.6 per cent in 2002.

ČESKÁ RAFINÉRSKÁ, a.s.

According to the audited financial results, the company showed a loss after taxes of CZK 735.6m with revenues equalling CZK 40.7bn. Over 4 million tonnes of finished products were manufactured and sold (almost 12 per cent more than in 2001); sales on the domestic market grew by 10 per cent and supplies for export by 14 per cent. The company expended over CZK 1.2bn on new capital improvement projects.

The company’s loss was caused primarily by the unfavourable refining margin and the strong Czech crown. Some technical problems and the August floods, which forced a temporary shutdown of the refinery, also negatively impacted the financial results.

UNIPETROL, a.s.

According to the audited unconsolidated financial results for the past year the company created net profits of CZK 3.9m in 2002 (gross profit of CZK 23m), with revenues over CZK 193m. Total assets at the end of the year equalled CZK 33.8bn.